House prices fell by between 15 and 20 per cent in 2008.
The annual survey of the Auctioneers and Valuers Association (IAVI) for 2008 confirms a fall off in transactions in the housing market.
Auctioneers have described it as,
A catastrophic year for transactions and prices.
Last year house prices fell by between 15 and 20 per cent varying on property type and location. This comes on top of a seven to 10 per cent drop in 2007. A further 10 per cent fall in prices is predicted for 2009. This all amounts to a drop of a third in house prices since the peak of the boom.
According to Edward Carey, IAVI President,
A lot of buyers have sat on the fence for the last couple of years waiting to see what's going to happen.
He believes that hesitant buyers will have to purchase sooner rather than later and predicts an increase in transactions.
The latest Daft.ie housing report shows that the asking prices for homes fell by 15 per cent in 2008. In the last quarter of 2008, asking prices fell by six per cent alone. The report says that the national average asking price is now at the same level as January 2006.
An RTÉ News report broadcast on 14 January 2009. The reporter is Brian Finn.
